Greenock Resources: Share Consolidation

Greenock Resources: Share Consolidation
TORONTO, ONTARIO -- (Marketwired) -- 03/03/14 -- Greenock Resources
Inc. (TSX VENTURE: GKR) ("Greenock") announces it will be proceeding
with a 30 to 1 share consolidation in order to allow future financing
and acquisitions to be completed at a share price in excess of $0.05
per share as required by TSXV policy. The share consolidation was
approved by shareholders at the Annual General and Special Meeting of
December 11, 2013. To complete these steps in a cost effective
manner, Greenock is moving to the NEX exchange to reduce
administrative expenses charged by the TMX Group. Apart for reduced
administrative costs on NEX, Greenock has maintained all its TSXV
Tier 2 listing requirements.
Greenock continues to move forward with the company's mineral
exploration and development mandate including finalizing a joint
venture with Precious Metal Investment Ltd. ("PMI") of NSW Australia,
as announced on November 15, 2013, for the Needles gold and silver
property in Nevada. As part of this transaction, PMI is to receive
1,000,000 shares of Greenock which on a consolidated basis will now
be 33,334 shares.
Greenock announces the technical studies for the Kakanda project in
the Democratic Republic of Congo may be difficult to monetize in the
near term as Eurasian Natural Resources Corporation PLC of London UK
has indicated that it will not be proceeding with any transactions or
activity with Kakanda at this time. The Kakanda title history and
technical studies owned by the Greenock subsidiary PTM Minerals
(Cayman) Ltd. are believed to have significant longer term value for
any company that moves forward to develop Kakanda. The original total
cost of the Kakanda technical studies dating back to 1997 have been
approximately US $15 million.
ABOUT GREENOCK
Greenock Resources Inc. is a Canadian based international mineral
development company that focuses on developing a portfolio of natural
resource properties.
Greenock holds a 100% interest in the Needles gold / silver property
located in the Arrowhead mining district of Nye County, Nevada. The
property is approximately 40 miles southeast of the Barrick - Kinross
Round Mountain Gold Mine. The Needles property has had historical
underground mining for gold and silver in the early 1920's.
This press release includes certain "Forward-Looking Statements"
within the meaning of applicable securities laws. Other than
statements of historical fact, all statements are "Forward-Looking
Statements" that involve such various known and unknown risks,
uncertainties and other factors. There can be no assurance that such
statements will prove accurate. Results and future events could
differ materially from those anticipated in such statements. Readers
of this press release are cautioned not to place undue reliance on
these "Forward-Looking Statements". Michael Newbury, P.Eng., is the
qualified person who has reviewed this material on behalf of the
Company. All dollar amounts are noted in Canadian dollars unless
otherwise stated in this release.
Neither the TSX Venture Exchange nor its regulation services provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Greenock Resources Inc.
James S. Hershaw
CFO & Vice President, Corporate Development
(416) 603.7200
(416) 603.9200 (FAX)
jshershaw@greenockresources.com
Greenock Resources Inc.
80 Richmond Street West, Suite 1101
Toronto, Ontario, M5H2A4
www.greenockresources.com